Uncertain economic conditions are causing some consumers to reconsider their beauty purchases, according to executives at major research firms.
At Cosmoprof North America, Mintel’s Sarah Jindal and Spate’s Yardin Horwitz shared the results of a joint research project that analyzed consumer spending priorities. In “Normative Approaches to Beauty,” the presenters noted that interest in beauty has declined compared to the pandemic years. They argued that part of the lack of interest was due to concerns about money.
Early in the pandemic, consumers went online to learn more about ingredients like retinol, vitamin C, and niacinamide, and treatments like eyebrow lamination, lip brushing, and gua sha, according to Google search data. In fact, 87% of US beauty consumers researched product ingredients, ranking his online reviews as a top resource.
“During the pandemic, people were very eager to find beauty solutions,” Horwitz recalls.
Rise of the dermatologist
But after dosing their skin with large amounts of at-home remedies, consumers looked in the mirror and didn’t like what they saw. As a result, interest in dermatologist-recommended shampoos and hair growth products skyrocketed from 2021 to 2022. In fact, 35% of US beauty consumers consider “physician/dermatologist recommendation” to be an important factor in purchasing a product.
In 2022 and 2023, consumers will be on the go and once again pressed for time. According to data from Mintel/Spate, 87% of U.S. beauty consumers say they try to get their makeup routine done as quickly as possible, which is leading to an increase in searches for passive beauty routines. It explains why it is there. Searches for air dry cream and tube of his mascara each increased by 66% year over year, while searches for cheek stains increased by nearly 54% for his. At the same time, 27% said skincare devices are more effective than traditional products, with searches for things like nanoneedles (+176.4%) and his Moxi laser (+127.4%) growing year-on-year. has become apparent.
High inflation rates affect purchasing decisions
Rising inflation and rising fuel costs are also causing consumers to rethink their spending, Jindal said.
“We’re seeing some up and down trading activity,” she said. “During the pandemic, skincare and home fragrance were so important. Now makeup is more of an interest. People are starting to balance their beauty budgets in new ways.”
For example, in a March 2023 consumer survey, when asked, “If you were worried about money, how would your spending on the following types of beauty products change?”
• 29% think they will spend less on makeup.
• 25% plan to spend less on skin care.and
• 22% think they will spend less on hair care.
Personalization attracts price-conscious consumers
So how can beauty companies attract price-conscious consumers? Speakers will provide solution-oriented recommendations based on specific skin, hair, and nail concerns. I suggested creating one. For example, Jindal pointed out that Shiseido is exploring skin diagnostics by examining the skin’s resident bacteria as a unique skin fingerprint that enables ultra-premium personalization.
At the retail level, Selfridges opened the Dr Valli Experiential Wellness Center in London. Here, visitors choose from an extensive menu of treatments across his six areas of skin, face, smile, hair, body and wellness. And although it’s still in its early stages, the University of Pennsylvania has developed a shape-shifting microrobot that brushes and flosses your teeth.
“Consumers are looking for efficient and powerful products in their homes,” Jindal explained.
Underscoring this demand, Mintel introduced the Beauty Rx trend this year, which focuses on the medicalization of beauty as consumers seek backing of claims and validation of their spend. This aligns well with Spurt data that revealed a spike in searches for red light therapy, topical tretinoin, comedones, and hormonal acne.
“Consumers are looking for solutions for specific types of acne,” Horwitz explained. “They’re becoming more sophisticated. There’s been a change in language.”
For example, more and more ads are showing models without airbrushing and with acne scars. At the same time, psychodermatology has also become established in the market.
“What happens in your mind shows on your face,” Jindal explained. “There is a close relationship between the brain and the skin.”
He said successful retailers will leverage technology and experts to create a more customized experience for their customers. CVS also has a skin care center with diagnostic equipment.
But it’s not just about skin care. According to Horwitz, prescriptive beauty has influenced every beauty category, including skin care, hair care, and makeup.
“Google searches for hair transplants have skyrocketed,” she noted.
Other popular searches include head spas, hair serums, and ketoconazole shampoo, a medicated shampoo designed to treat fungal infections of the scalp.
“We’ve been talking about ‘skinning’ hair for seven or eight years,” Jindal said. “Now it’s everywhere.”
This leads to demand for serums and scrubs containing hyaluronic acid and ceramides.
“It’s easy to transfer from the skin to the hair. There are also hormone treatments for hair,” Horwitz explained. “To see the future of hair care, look to skin care.”
The changing face of a beautiful woman
The growing popularity of specialty services such as blepharoplasty and eyelid tightening are just some of the ways that surgery is changing the shape of the face. Speakers noted that consumers are using makeup to manipulate their face shape, add dimension with new textures and finishes, and take inspiration from professional procedures.
According to Mintel data, 53% of shoppers are motivated to learn. 39% said they trusted professionals and 45% said it was acceptable to undergo the procedure. Jindal said beauty consumers want to know more about the products they use and their ingredients.
For brands, speakers explained that beauty services and at-home treatments must prioritize the needs of modern facial skin care users. Highlighting that insight, Mintel discovered that:
• 79% of Spanish adults who received professional beauty and grooming treatments said their provider gave them advice on how to care for their hair and skin.and
• 33% of U.S. beauty and personal care shoppers are spending more time on their personal care routine than last year. 20% said they spent less time.
To reach today’s savvy beauty shoppers, Horwitz and Jindal are driving innovation through advanced services and spas, like Brooklyn’s World Spa, and combining it all with at-home beauty devices like the Lyma laser, masking, and more. recommended in combination with low-tech options. They were on the front lines during the pandemic.
Speakers said there has been an unprecedented demand for cosmetic surgery since the pandemic began. As a result, demand for skin care formulas that emphasize “fast-acting” is increasing. For example, Lilfox Cupu-Cool Hyaluronic Jelly Balm is advertised as an overnight treatment balm and hydrating mask and is said to be “extremely healing for post-procedure skin.” Brands leveraging the collaboration of professional skin care and hair care include LaRoche-Posay, CeraVe, Nutrafol, and Hims.
“These brands have owned this space for the past several years,” Horwitz said. “LaRoche-Posay and CeraVe are crushing it.”
In the hair care field, Nutrafol is growing rapidly. So quickly, in fact, that Unilever acquired the company for an undisclosed sum last year.
Technology drives the future of beauty
Horwitz and Jindal told attendees at Cosmoprof North America that the brand will continue to invest in technology to enable the next generation of personalization to meet the needs of individual consumers. Additionally, they predict that advances in biology will lead to products with proven efficacy. Jindal noted that a growing percentage of U.S. consumers (20%) recognize the effectiveness of nature-identical ingredients grown in a lab.
At the same time, emerging technologies in diagnostics and devices will lead to more targeted and precise skin care through advances in microbiome and hormone research, gene editing, wearables, and more.
“But don’t muddy the message with too much information,” Jindal cautioned.
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